Russia Continues Pressing Sovereignty Claims in the Yukos Award Saga

Abstract:

Yukos Oil Company (“Yukos”) shareholders’ attempts to enforce their $50 billion arbitral award against the Russian Federation are moving forward in the U.S. District Court for the District of Columbia.

On November 17, 2023, Judge Beryl Howell denied Russia’s motion to dismiss the case for lack of subject matter jurisdiction under the Foreign Sovereign Immunities Act and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“New York Convention”). In the process, this latest decision in Hulley Enterprises Ltd. v. Russian Federation offers observers a reminder of both the details of the Yukos saga and the central role that sovereignty plays in Russia’s efforts to defeat the shareholders’ claims.